National Timber Group England Ltd has filed a notice of intention to appoint administrators.
The Sheffield-based company and its holding parent, National Timber Group Midco Ltd, both filed a notice of intention on 13th November, affording temporary protection from creditor action while restructuring and rescue options can be considered.
The business operates a portfolio of well-known brands including Arnold Laver, SV Timber, National Timber Systems, and NORclad. Its most recent financial report for the year ending 31st December 2023 revealed a turnover of nearly £200 million in 2023, but also a pre-tax loss exceeding £6 million.
Directors cited macroeconomic headwinds, high interest rates, and restructuring costs as contributing factors. A significant impairment charge related to brand consolidation and operational streamlining further deepened the losses.
Tracing its origins back more than a century, Arnold Laver founded in Sheffield in 1920 and was the fourth acquisition of the-then emerging National Timber Group, which came into existence in 2017-2018 with funding from Cairngorm Capital. The English division of NTG employs over 1,000 staff and operates more than 20 sites.
The Scottish arm of the group — which includes brands like Rembrand Timber and Thornbridge — continues to trade independently and is not part of the current administration process.
The Timber Development UK website has reported a statement from Mark Dixon, Chief Executive of the National Timber Group, which said: “Like many other businesses in the sector, National Timber Group has been experiencing difficult trading conditions and liquidity challenges for some time.
“National Timber Group is now in advanced discussions with an interested party regarding the sale of a substantial part of the business, and also with other potential funding partners. To provide a period of stability during this process, notices of intention to appoint administrators have been filed in respect of each entity within the group.
“This measure allows the group time to continue discussions with the interested party and to explore any other options that may be in the best interests of the business and its stakeholders. It is important to note that the group is not in administration at this time. Further updates will be provided as we progress through this period, with additional developments shared when possible.”
Commenting on the situation, David Hopkins, Chief Executive of Timber Development UK said: “Market conditions are utterly brutal right now for all of our members, large and small alike. Our thoughts are with the staff and teams across the National Timber Group. There is a rich history and legacy within all of the brands which make up NTG and we hope that as much of this as possible can be saved regardless of the eventual outcome.”
This is a developing story. More information will follow in due course…
